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tv   Bloomberg Markets The Trump Economy  Bloomberg  May 12, 2017 1:00pm-2:01pm EDT

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and i'm kevin's really. cirilli. vonnie: a broader effort to reshape the trade relationship between the two largest in the world. later this hour, we will hear from former, -- the former commerce secretary. the president is escalating saying that their conversations might have been taped. kevin will be talking about the man at the center of it all, roger stone.
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donald trump is warning fbi director james comey against leaking to the news media today. he was suggesting that their conversations may have been taped. the president we did this hopeng "james comey better that there are no tapes of our conversation before he leaks to the press." might be replacing mr. comey. we have a few guests joining us. megan, are we expecting more tweets on the subject? megan: he is tweeted some stuff but let's start with the gravity of the tweets he has pointed out. everyday day, you expect some type of barrage, but you accused the former fbi director overtly
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threatening him saying that there conversations might have an tape. but computing his integrity suggesting that he has leaked out to these conversations at a dinner about whether or not the of thent was the subject current investigation. that's brings it to a whole new level of seriousness. at the not happen, we would spend and one other day -- a aboutanother day talking james comey. until this morning. kevin, the former fbi director doesn't seem to be a person to be held by the tweets. he doesn't have anything to lose. bottom-line is that earlier in the week, the sources i talked to suggested that the president was not going to appoint a political take to lead the fbi. now it could be trey gowdy. belovedsomeone who is in conservative circles after going after hillary clinton, as
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the underscores of that in particular, is the next question is, will hillary clinton now face charges as a result? that is what they are baiting right now. vonnie: cheryl come at the white house, it doesn't seem to be -- there doesn't seem to be too much concern at the white house. is there any effort to walk back what happened on twitter this morning? >> we are waiting right now for the 130 breathing -- 1:30 p.m. breathing with sean spicer and it problems that thomas is to be lively. the president -- and it promises to be lively. the president made tweets and went after the media, democrats, in addition to threatening the fbi -- former fbi director. he is on the attack and offensive and it's not backing down. vonnie: we have entered anything from james comey yet. has he hired advisers, is he
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talking to people in the fbi community? when james exited, he sent out a letter that was a class act move and how proud he was to serve and please do not dwell on the circumstances around my firing. please continue to serve the institution. he has a lot of detractors. he was unpopular on both side of the aisle on some figures. yet a lot of big supporters out there. expected side of the story to get out as well. the circumstances. why would a sitting fbi director tell the president, no you are not under investigation as donald trump claims. expect more that the eye to push that mrs. forward. not to mention the integrity of an independent investigative agency at the heart of the big investigation into the administration's ties to russia.
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kevin: when you look at the strategy that the white house is using to attack the fbi, it is the same one that they successfully used for the candidate trump to be the republican field and to beat the democratic clinton michio and to politicize the media. point, next week, i would argue that director comey and his message is going to be much more cohesive than out of the west wing. they are not speaking from the same page. next week, director comey will be on capitol hill, meeting with the u.s.enate -- intelligence committee, and rights now, they ommittee -- the committee -- the meeting will be behind doors. know that rod rosenstein is stepping down. cheryl, what about the potential
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incoming fbi director? are 11 being considered. it must be very difficult to interview for that post at the moment. cheryl: what kevin said is that the messaging coming out of the white house is very mixed. different messages from different surrogates, and it is not all clear what the strategy is. i know the senate and capitol hill are going to be looking at the next fbi director very carefully for independence. knowing, at this point, who is favored, it is still very chaotic here in terms of messaging strategy. megan, who will the president want in the post and will he have any say in the matter? obviously some a conflict of interest rates now. megan: it depends how deeply
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they are going to politicize this position. when you talk about trey gowdy, the media association is the investigation into hillary clinton and how much of that dominant in his rhetoric and so much of the base. you still hear so much of the chance of donald trump saying, locker up. inis going to be a battle terms of how they want to deal with agency going forward. he has put a marker down this week. he is not above bullying, the fbi cannot underestimate the significance of this when the president himself goes on the attack like he has. he is done it before on judges, cia, etc.. they are still grappling with the fundamental separation of powers, fundamental independent agencies in this country. vonnie: kevin, who is in donald hisp's corner except for
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okespele. kevin: is the se cast of characters. he is still taking advice from the folks like steve bannon, vodka trump -- ivanka trump. some ofhe has utilized political capital in the senate, the republican-controlled senate, in order to accomplish his goals. i've spoke to countless republican aides who raised a concern that this is such a distraction, vonnie. so much that they might not be able to continue to push for about what every american voted for, -- every republican american voted for the repeal of the obamacare. vonnie: thank you to a wonderful panel. and check out the latest bloomberg businessweek which has an amazing cover story and amazing contents.
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cheryl, thank you. let's get a check of where markets stand. julie? a look atyou take markets, we are seeing a mixed picture. the nasdaq is continuing its outperformance all week. anothergh to headed to record close, but nonetheless, a little bit of a bump with have been watching the race market as well. interesting movement of the past few days. we have had weak demand in auctions for treasury note. we had weaker economic data this morning. retail sales and consumer prices. if you look at treasuries and the dollar, and what kind of action we are seeing, we are seeing a pullback in rates. dollar andhe u.s. for basis point decline in the 30 year as well. that is trickling through to stock and seeing declines for the financials. have been talking a lot about
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retail today. it is not about retail, rather companies that make the stuff sold in the stores. hot and, to add insult to injury, are at their highest in almost three year today -- three years today. 4, u.s.ple, as of may shippers committed all of their is a 93%ports and that increase year-over-year. some of the companies that make a stuff, clothing, are heading lower today. g3 apparel is down by 7%. if we look at gross margins, their gross, margins are improving over the past several years to some extent. here are margins going back to mid-2011 four, collectively, the manufacturers. there has been a decrease in the overall,quarters but, the trend has been higher.
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a quick check on apple as well as corning. corning is rising a little bit after actual -- apple chose it as the first recipient of its grant to fund manufacturing in the u.s.. says it is going to use it mostly at a plant in kentucky. apple is at a record again. a couple of analysts are raising the price stocks today. vonnie: julie, thank you for that. with ahead, trade deals countries and wilbur ross. more with his interview, later. this is bloomberg. ♪
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vonnie: this is bloomberg
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markets, the trouble economy, i'm vonnie quinn. kevin: and i'm kevin. let's check on the bloomberg first word news with mark crumpton. mark: at ongoing lumber dispute between the u.s. and canada was a topic of conversation on the sidelines of the g7 meeting in italy. canada's finance minister told steven mnuchin that he rejects u.s. tariffs on imported canadian softwood lumber. the canadian prime minister said he might consider retaliating with tariffs of his own against u.s. coal imports. sessions, is, jeff look atg prosecutors to the most serious consequences that will likely result in more people going to prison or much longer terms. the attorney general said the policy was "moral and just." an increase ing
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violent crime in our cities, baltimore, chicago, memphis and milwaukee, and many others. the murder rate has surged 10% nationwide. the largest increase in murder since 1968. we know that drugs and crime go hand-in-hand. the director conceived that there will be cases in " good judgment will appear for mandatory minimum sentences." jeremy corbyn accuses theresa may of pandering to trump. mr. corbin said, pandering to an erratic ministration -- administration will not deliver stability. visiting one of the world's most popular catholic programming sites. it is famous for being the place of three portuguese shepherd
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children said the virgin mary appeared to them 100 years ago. those may 19, 1917. he will make two of them saints on saturday. they expect around one million people to converge on the town. global news, 24 hours a day, journalists0 600 and analysts and 120 countries. i'm mark crumpton, this is bloomberg. kevin? kevin: u.s. and china reached a trade agreement promoting natural gas, and beef. wilbur ross spoke with bloomberg .aybreak earlier this morning let's take a look. you have a lot more issues to deal with with the people's republic of china. i believe that the fact that we have these long-standing aggravations out of the way so quickly, boasts well for the relationship pattern going
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forward. we have many more issues and the next task will be figuring out a one-year plan with some data points in between, deliverables in-between, and, once we get through the one-year plan with success, then we work into a longer term plan. should we expect a series of these sorts of deals coming out of the next year, or is it a different approach? wilbur: we hope to have deliverables. one of the historic problems with trade is that it has become a long-term debating site that's society where, rather than is something that is a result oriented area. both of the chinese government and we, have become a results oriented. if we can keep that going, we will get a lot done. >> as you suggest, the things you addressed are things simmering for some time. that you have resolved them.
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what is next on your list? wilbur: there are all caps of sectors that have not been addressed. methodology that we will use is the same one we used here. the chinese submitted their wish list, we submitted hours, we decided which of those items from the two lists were achievable within a very finite. of time, and that is what we focused on. time --ay what time timeframe do we put on the issues we did not address. those talks will begin over the weekend. that secretary is going to say you have $347 billion trade deficit with china and this is not going to close the gap. what will be on the agenda that will? wilbur: it is a whole variety of things, but the gap is not just a gap. is it -- it is made up of hundreds of little items and there is not going to be one
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silver bullet that suddenly takes our trade deficit from the 300 odd billion 20. vonnie: wilbur ross there on bloomberg daybreak this morning. coming up, david westin will be pritzker.ith penny her thoughts on the trade agreement and the trump administration's trade policy. this is bloomberg. ♪
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kevin: let's go to bloomberg david westin who is with penny pritzker, the former yes, secretary. david: thank you for being here. welcome back to bloomberg. i want to talk about the u.s. china trade deal announced late last night. your successor, wilbur ross. what is your evaluation of the deal from what you heard so far?
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it's terrific that the pick up the baton and made progress. issues like beat and natural gas are issues we have been working on for years with the chinese. i think it will be -- the proof will be in the pudding now. was there a reason they got this done at this particular time? if you had been there, would we have the deal set? penny: i think it is always opportunistic when things get completed. the fact that this administration was able to make progress is important. david: it also sends the signal we don't want to go to war with china. the trade war. penny: absolutely. the u.s. china relationship thes to be enduring between two countries. we have our disagreements, ups and downs, but it is important that we continue to make progress constantly. david: as secretary of commerce,
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you are concerned with trade and responsibility for trade. what do you make of the different the part of the administration? since world war ii, we had many different policies. this president said he wants to do it bilateral and it appears we are not going to do it category by category, product byproducts, is that an efficient way to do it? penny: there are pros and cons. there are costs against giving a multilateral agreements. for example, tpp. i think the trump administration could have came in and made changes to that and had an agreement with 12 countries. that's a significant portion of the world's gdp. that would be good for the united states, because we would have set the rules of trade and shaped the global economy to our values. and saying, what we going to do is bilateral leaves aeements, that wide swath open for china,
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particularly in asia, which is a challenge. the united states is not included in those agreements. we need to raise the standard. workingou said you were on things like beef, for example. from what you know the possible agenda, wilbur ross said he has one-year plan to get the deals done. what would be on your list to address next for china? penny: intellectual property protection is a huge issue facing many companies. hopefully that is a place many pieces of progress can be made. david: you had to take a look at what makes u.s. industry competitive or not. where does trade rank in the listing of what makes us competitive or not? what are the other things we should be looking at? penny: trade is really important. we also need to be working on making sure our workforce is being prepared for jobs of the 21st century, and we are creating opportunity for american workers.
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i think there is a lot of angst out there i'm a given the growth of automation, artificial intelligence, the fact that we live in an interconnected globalized world. there is a lot of anxiety among the american workers. we have 55 million americans working in the economy and we -- we need ank strategic plan for training the american workforce over the next 10, 20, 30 years. david: why don't we have that's plan? i haven't heard that plan yet. why don't we have it? penny: i think it is time for us to come together on a bipartisan basis an outline what that might be. we need to rethink the social safety net, the higher education bill, such that we are able to offer money to train american workers over their lifetime. there is a lot of different
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policy issues that i think we should explore and put together a package that supports the american worker over the next 10, 20, 30 years. david: penny pritzker, thank you for being here. bonnie, back to you -- vonnie back to you. vonnie: later this hour, kevin's cirilli will be speaking to roger stone. this is bloomberg. ♪
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vonnie: this is bloomberg markets. the trouble economy. i'm vonnie quinn. kevin: and i'm kevin brady. let's start with the bloomberg
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first word news. mark crumpton has more. mark: president trump is taking his war with the media to a new level. threatening to cancel daily press briefings. in a series of tweets, defending those who speak for him, the president wrote, as a very active president with lots of things happening, it is not possible for any syrians to stand at podium with perfect accuracy. maybe the best thing to do would be to cancel all future press briefings and hand written responses for the sake of accuracy. the european union will hold a phone call with john kelly about expanding the top of ban on planes heading for america. that restriction is in place for travel from some middle eastern and african airports. now, the u.s. may expand to fight for europe. they are concerned that the laptops are used for hiding bombs. branch british hospitals are urging people with nonemergency
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conditionshen a cyber attack nationalthe u.k.'s health service. 16 organizations were hit in the u.k. by a large number -- and a large number of spanish companies were attacked using ran somewhere. ransomware. militants in the exotic state are said to attack a government controlled road. it is the only road linking to the city to the rest of syria. the islamic state has have read successes in the past taking control of the road and cutting off a little -- cutting them off. vonnie: market, thank you. the press briefing is underway. prevailing -- they're
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taking questions from the press. you can take that catch the briefing live on bloomberg tv go. turning to financial regulation, the trump administration is helping industries in their campaign to chip away at one role. .teve mnuchin is said to direct 23,000 pages of dodd-frank and 270 four plus rules could be for the chopping block, is this the beginning of a reinstatement of glass-steagall? >> for a long time, i thought dodd-frank in the volcker rule would do enough and you wouldn't have to re-instate glass-steagall, but i think it is apparent for some of the complex of some of what the large financial institutions are
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doing, which is converse at times. +++ glass-steagall would be -- kevin: how would glass-steagall prevent any type of economic downside. they suggested was not the cause of the 2000 and eight financial collapse that two dozen eight financial collapse and the economy has moved on. when i focus on stopping other potential programs like technology and cyber hacking? bart: they are not mutually exclusive. i didn't say that was a problem that caused in 2008. that was the mortgage bubble and credit default slots where they created these instruments and traded repeatedly and they imploded. that is the main thing, by the way, kevin, that dodd-frank fixed. the volcker rule has the added
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benefit of trying to, and i'm not sure it is excessive for -- it is successful, in separating the investment from the commercial bank. we have seen some a times in the last several years, where banks would encourage their own customers, saying, get into this new product we have. ,nce that fund was populated with their own investors, the bank took the opposite position. psych. i want to take care of that stuff. bloomberg has reported them, hundreds of million dollars in fines. i think enough is enough. which close the door on that one and protect investors. it is about protecting investors, from my perspective. vonnie: it is not situation. you have several senators agree with gary combs on glass-steagall. i'm not -- bart: and the president has also
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called for, vonnie. your positionange very slightly, but let's pull a powerful screen of the cruise -- bloomberg cruise and what they are putting up on this. there may not be enough public senators on the statutes and is more likely to be on smaller skill to tweak it up right. just in glass-steagall, wouldn't solve everything. bart: not at all. maybe the ball parole could have a couple things around the edges done. good luck to them. ,hat is five different agencies and i was one of them that voted for the volcker rule with it changes implementing it. i think the president pulling back from where he was, which was the repeal of dodd-frank, to doing things around the edges is probably the right approach. we never thought that's when we
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were doing the rules, there should be a carved in stone -- they should be carved in stone. as long as they do the important things like the otc trade regulation, capital and margin requirements to ensure the banks have the jews behind their trays trades. behind their i'm fine if they find to some of the rules and regulations. dodd-frank on the whole has made us safer as a country and made investors safely. kevin: it seems like the house thanving faster on this the senate banking committee. how realistic is that the senate banking committee will change their mind and get aggressive on this? bart: frankly, i don't see much moving as a result of the firing the , the day, i think shot at hisred a legislative agenda.
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i don't see much happening as they refer to the choice act, health care, needed transportation, or tax reform. vonnie: i want to ask you to very quick questions if i may. the court of appeals is hearing a case on the constitutional analogy and whether the president will have the right to .et rid of richard cordray in your estimation, does it survive the structure, or the agency at all? done goodagency has things. a lot of republicans concerned with it in the obama administration are less concerned about it now. they want to change the political makeup of it. i think it will continue to exist, withstand the court circumstances, and i think it is good for consumers. it has got a lot of good done in general. kevin: bart, thank you for your time. vonnie: we will get his answer on that one next time. this is the white house press briefing underway.
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that is national security taking thetions from members of media talking about president trump and the overseas trip area you can catch the briefing live on the bloomberg at tv . here's julie hyman. julie: i want to talk about the week for the moment. the s&p 500 is on track or about 1.5% to climb. that will be the first weekly pull back and forth. it hasn't been a huge down week, but incrementally drifting. read till is a big part of the story. it has disappointing earnings coming from the department stores. big-boxk, we hear from retailers like walmart and home depot's of the world. if you look it macy's, an 18% 15%, anddstrom down kohl's as well down 9%. that, there are
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significant declined to talk about in terms of index point. that is the biggest decline in the s&p 500 specifically. we had wells fargo pullback after they tweet some of the some of theiraked targets. general electric is falling today. 4.6%puts the down tally of and berkshire hathaway. the bright spot of the week has been mostly technology. the nasdaq is continuing to make consistent records thus far this week. even though it is only up about .25 percent this week. apple is trading at a record as well. is moving up 22% and amazon is also continuing to strengthen. as we see the strengthen and technology, we have been talking about evaluations with tech stocks.
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looking at evaluations in the s&p 500 and comparing it to the tech bubble. that is when we saw a huge run-up in the tech about relations -- tech devalue asia valuations. on the historical bases they are on above the average, but, nonetheless, not as lofty as they were back then. even as we see apple and other large capital peers at records as well. thank you for bringing us up-to-date. andn: up next, roger stone what he has to say about the fallout and firing of james comey. this is bloomberg. ♪
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vonnie: you're watching bloomberg markets, the white house press briefing is underway and sean spicer has taken the podium. he was up there earlier. he spoke a little bit about next trip for donald trump. he has departed and spicer is back. we will keep you up-to-date with any headlines that the merge. you can catch it live on the bloomberg at tv . cirilli to kevin's joined by roger stone. kevin: thank you, vonnie. have you had any contact with the senate committee or any parts in the house? yes.:
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i was contacted by the senate intelligence committee with a series of documents requests. i will fully comply. yesterday, or the day before yesterday, by lawyers received a letter from the house committee asking again for specific documents for the deadline of may 22. documents pining to specific subjects. kevin: which subjects? russianny contact with state, any attack on russian companies, any contact with any real estate you may have owned and russia. that would be none. kevin: have they had contact with russian....? roger: not at all. have you had any contact with any books in the ukraine? not since 2007. as you know, i have made it clear to both committees that i'm anxious to testify. kevin: was it behind closed doors though?
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when i just meet with -- roger: because they mischaracterize what you have to say. would you be without first behind closed doors and then meet with them in public? roger: so let them develop a game plan based on what they say? this is politics. meaning latin word polly, many, and ticks, bloodsuckers. they didn't have closed sessions when senator feinstein, senator warner, senator franken misrepresented the facts. they defamed me in my opinion public, and i should have the opinion to respond in public. that is ofair, that is the american way. have: do have -- do you confidence in the republican committee of these meetings? roger: they should be more responsive. where is susan rice?
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i like to know about the unmasking of surveillance information. i would like to know if there was a warrant levied on me to access my email and my phone calls. if there is, i would like to know the probable cause area cause. - probable kevin: do you think you have been wiretapped? roger: yes i do. i think the union -- the new york times have been correct in their report. kevin: has the fbi requested documents from you? roger: they have not. i want to get your take on the firing of director comey. take a listen to what president trump told lester holt. >> i was going to fire comey, my decision, -- >> hewitt made the decision before the recommendation -- you had made the decision before the recommendation?
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message from trump versus the west wing are two very different things, and why is that the case? see the don't inconsistency. i think you made a decision after may 3 after the hearing, that he was going to fire mr. comey. his lawyers provided him the legal justification, sidifying his decision. kevin: how's the morale in the west wing of the white house? roger: in all truth, i don't speak to folks in the west wing within an exception with one person. kevin: are the reports of confusion and disgruntled people accurate? roger: i thought there was danger in hiring people for the white house staff that is not supported donald trump president, didn't vote for him in some cases, and don't share his policy views on immigration or trade, or tax relief.
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an establishment republican and you can't complain when there is backbiting. the white house staff is just like the presidential campaign. everybody wants to pull in the same direction with one leader. several examples and none of the men will -- would have put up with what has happened in the white house that. kevin: you have a new documentary on that place coming out. why continue to go through this and open yourself up to all this? roger: i think i'm pretty well known at this point, are you suggesting that i retire? i'm not the one who said gets me roger stone, and that was during the bush recount that was memorialized in the hbo film " recount." i'm a political warrior. it. it with joy and i enjoy
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i fight for my philosophical point of view. politics is a contact sport in america. kevin: and the broader question about all of this talk about russia about the ukraine, communication, americans are accustomed to corporations of businesses and business groups lobbying auditions. they're not augustine -- a custom to influence policy in an election. roger: that's because they don't know about it. when the hubert humphrey campaign was offered to -- kevin: should it be illegal to take certain place? roger: it is illegal. but i take the position that the entire russian area was invented to distract from the fact of him and tony had made millions through his association with the russian oligarchs
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around putin. what better way to accuse donald trump. this is a scandal without any evidence. not and iota, not a shred. show us the beef. the new york times said, the intelligence services say they have emails, financial records, and they have transcripts of phone intercepts. let's see them, where are they? they produced nothing. kevin: there have been a lot of -- there has been a lot of talk on twitter from president trump himself about you earlier, not today, several days ago. how often do you communicate with the president? roger: from time to time. kevin: when was the last time? roger: since he has been president and through the campaign, i have never ofracterized the frequency my conversatns talk to them eve, because i know, if i do, these conversations will end. he has a reasonable expectation of confidentiality. the stories that said i
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recommended the firing of james comey, i'm not quoted in the of the stories. i'm not the source of the stories and i have never made any such claim. it would be impossible not to know my views on this. i've written about it, memos about it, videos on it. kevin: who should be the new fbi director? trey gowdy? roger: that would be an excellent choice. i would like to see a woman in that position. kevin: there has been some talk about whether the bases united on president trump and polling suggests they are. did he make the right decision in targeting syria? decision did the right on making a surgical strike and not sending ground troops. he is still an anti-interventionist president. i would argue that the syrian
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strike may have been irresistible from a geopolitical point of view because of the extent that the north koreans, rainy and, and the chinese, that there is a new sheriff in town and no longer will the president's draw a line in the sand and sit back while our adversaries crossed the line. waterstone, -- roger stone, we appreciate your time. roger: great to be here. kevin: be sure to check out his new documentary on netflix. this is bloomberg. ♪
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vonnie: this is bloomberg markets. the trump economy. that conversation with roger stone was really interesting. i want to mention some of the headlines we're getting from the
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sean spicer breathing. he declined to say if president trump taped conversations with james comey and the tweets fix for itself. say if thereined to were recording devices in the oval office. kevin: again, it seems they're not on the same page. vonnie: he is continuing to speak and get questions from many members of the media. on the accuracy of the briefings, we work hard to do what we can, is what he said. said, aon before him lot of the time they are just trying to keep up with the president. kevin: i think it is a broader strategy that president trump has tried to attack the media. w case of sean spicer returning to the podium and white house officials who are questioning the rollout of the viability of it -- question of it.
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think we also saw with with general mcmaster taking behind the podium w just, less than a week ago went on his first international trip. they are trying to get to turn the page. next week, the former director james comey will be on capitol hill. how will they keep turning the page unless the investigations are put forth. vonnie: and they have to hire a new fbi directors well. you can catch the white house media briefing which continues, and all of our interviews on the bloomberg. -tv . in tv . ♪
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scarlet: it is 2:00 p.m. in new york, 11:00 a.m. in san francisco, and 7:00 in london.
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welcome to bloomberg markets. ♪ scarlet: we are lie that bloomberg world headquarters in new york the next hour. let's get to next stories we are veng on the bloomberg and around the world. president firing off warnings, saying -- suggesting there could be recordings of the conversation after days of different narratives. and voting members of the committee in chicago share their thoughts on tweaking the balance sheet. and we will break down the nuts and bolts on what this deal is and why will change with more negotiation. u.s. markets close in two hours time for the week, selectica let's get a check on where stocks are trading with julie. small world once again. julie: this is been the scene this week in terms of big market moves, even when we had intense marketd


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